(Bloomberg) -- Nova Ljubljanska banka d.d. scrapped a plan to buy Vienna-based Addiko Bank after failing to persuade enough shareholders to tender their stock.
Addiko shareholders representing 36.4% of the shares had accepted the offer by end of the offer period, according to a statement published on Tuesday. That’s short of the 75% minimum that the Slovenian bidder had set. NLB first offered €20 ($22.23) per share of Addiko, but later boosted the price to €22.
Addiko has become one of the most sought-after acquisition targets in the region, with NLB, Agri Europe Cyprus Ltd. and Alta Pay Group all vying for stakes. Founded as the good bank of Austria’s failed Hypo Alpe-Adria Bank, Addiko provides consumer loans across the Balkans as well as retail banking services in Austria.
NLB was the most ambitious of the bidders and aimed at gaining a controlling stake in Addiko to help it expand in Croatia. NLB, which is based in Slovenian capital Ljubljana, has been keen to expand in the newest euro-zone member, but disputes between the neighboring nations have so far prevented it from gaining a foothold.
“NLB remains committed to further business development and delivering of its new business strategy, including possible other takeover opportunities,” Chief Executive Officer Blaz Brodnjak said in the statement.
--With assistance from Marton Eder and Misha Savic.
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